Legislative overhaul to bring Panama into the 21st century

PANAMA’S lawyers are celebrating the upgrade of the Commercial Code, legislation that has been due a face-lift for more than half a century.

Thursday, August 21, 2008

Morgan & Morgan partner Enrique de Alba said that the Code, which was first drawn up in 1916 shortly after the Panama Canal came into operation, has been badly in need of revision for some time, to underline Panama’s maritime credentials.
The new law effectively updates “in its entirety Book II of our Commercial Code”, Mr de Alba said.

Key points of the new law include important definitions in Title I applying to vessels, including “what makes a difference between what is considered to be an owner and an operator of a vessel”.



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Finally the geopolitical reality has been imposed and the Canal country has been formally integrated into the community of Central America nations.

It was "a great achievement" and one "longed for for many years by all Central American countries", this was Panama's accession to SIECA, an organ of the Central American Integration System (SICA), said Anabel Gonzalez, Costa Rican Foreign Trade Minister.

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Panama’s economy continues to grow strongly, buoyed by the Panama Canal expansion and large public infrastructure projects.

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Panama: Change to Corporation Law

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Dissolution of a company will be described as a form of corporate reorganization and provides for the recovery of companies whose dissolution was voluntary.

A statement from the National Assembly reads:

Corporate reorganization introduced and figure of commercial companies reactivated

Panama Offshore Banking: Asset & Privacy Protection

May 2008

The banking industry in Panama has developed quite an allure for businesses and corporations that are engaged as offshore operations.

Panama has become the most modern and successful country in Latin America and its international banking center can be described in a similar fashion.

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